Apple demolished Q1 earnings estimates and set a new record with $111 billion in revenue
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Apple reported $111.4 billion in revenue during its 2021 fiscal first-quarter, which spanned from October to December for the company.
The company got a boost from iPhone 12 sales. The new model was released in October, a month later than Apple usually debuts its new phones, after pandemic-related delays.
Here's a look at the key numbers. Analyst estimates are based on Yahoo Finance data.The company released the iPhone 12 and 12 Pro on October 23, meaning new sales missed the mark for Q4, when Apple typically sees a revenue increase from iPhone. Instead, the iPhone 12 lineup, equipped with 5G technology, boosted Apple's Q1, while analysts were expecting $60.33 billion. Wall Street had been concerned about the iPhone 12's performance, and the company said previously that sales had been "off to a great start."
Wall Street expects Apple to deliver about 220 million iPhone units in 2021.Apple signaled its foray into the at-home fitness arena with its Fitness Plus subscription service launch in September, a move that put the phone maker head-to-head with Peloton. It later unveiled a more affordable $99 HomePod mini speaker at its virtual iPhone event in October.
The company also released its highly-anticipated and first-ever over-the-year headphones in mid-December: the $549 AirPods Max. Services revenue includes cash from Apple's App Store, its Apple Music streaming service, Apple Pay, and more. Apple has been working to expand its public image beyond merely a phone company, and it has succeeded - in mid-2019, for example, Apple's iPhone revenue was less than half of the company's total quarterly earnings.Apple, as well as the rest of the Big Four tech companies, surpassed Wall Street expectations in its Q4 earnings reports posted in October while American lawmakers were levying antitrust scrutiny upon the tech giants.
On Tuesday, Apple also announced that its senior vice president of hardware engineering, Dan Riccio, was transitioning to a different role at the company to take on a "new project." The news comes amid rumors that Apple has an electric vehicle endeavor in the works. It's also reportedly testing folding iPhone screens and an expensive virtual and augmented reality headset that is slated to be released in 2022.Copyright © 2021. Times Internet Limited. All rights reserved.For reprint rights. Times Syndication Service.
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